The FutureSubmitted by Financial Planning Solutions, LLC on May 23rd, 2019
On May 3rd of this year, I attended the Financial Planning Association of MA's (FPA) annual conference.
As a past president and longtime member of the FPA, I attend these conferences for two reasons. One, to hear some great speakers (and learn about new laws or trends that relate to my business and industry) and two, to reconnect with some old friends and colleagues. It's a great opportunity to network and share ideas as well.
This year one of the speakers was a Futurist, Jagdish Dalal. A Futurist is one that studies the future and makes predictions about it based on current trends.
As someone that is fascinated with advances in technology and "what could be", I found Jagdish's talk pretty engrossing.
An example of what the future may look like pertaining to dining out can be seen in this week's newsletter. Check out the short clip on Spyce Restaurant. I haven't eaten there yet but the premise is a heathy and affordable meal is prepared for you with little human intervention.
Jagdish also mentioned a delivery van that Dominos Pizza developed that can deliver your pizza truly piping hot as it has ovens incorporated into it. I imagine the next step is a driverless version of this vehicle.
These small advances in technology are interesting but not really life changing. Ray Kurzweil (a brilliant and fascinating man) and futurist tends to focus on the advancement in biology and the future of the human species. I've read his Fantastic Voyage – Live long enough to live forever and highly recommend it if this stuff interests you.
Some of this may sound like science fiction. (but then again so did an Apple Watch when it sat on Dick Tracey's wrist back in the 30's). Right now, we can all pull out our phones and search for information. Kurzweil predicts that in the very near future, one can do the same by using their brain and accessing this information from the cloud. How?
According to Kurzweil, in another 20 years, nanobots will be very common. Allowing these tiny devices to enter our brain through our capillaries and connect our neocortex to the cloud.
These same devices will be used to deliver drugs to targeted cells to fight all sorts of diseases.
I'm not sure how the future will change one's financial life. Will we become a cashless society? Cash is pretty much a thing of the past in China already with Sweden not far behind.
I can't speak for 1000 years from now but I don't think the basics will change that much pertaining to taking care of one's family.
Saving for retirement (although I imagine 80 will be the new 65 and not because we have to work but because we want to and are able to). Will remain the same. We may just have to factor in needing money longer to account for our longer life expectancy.
Maybe a college education will be free for all someday and Lyman and I can stop preaching about the student loan crisis.
Until we get to the next 1000 years though, I suggest folks take a good look at their own financial lives and get things in place to help ensure their goals can be achieved. Let's get it done now. You don't want to leave a mess for your great great great great grandkids do you?
Any questions? Feel free to reach out to me.
All the best.
Rick Fingerman, CFP®
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